Editor's Note: Where Tech Transits Tradition
Global leaders who see India as a land of opportunities, take into account greener pastures and the emerging sectors that are creating unprecedented growth avenues. In this special issue, we delve into an extraordinary and burgeoning segment of the Indian economy that merges ancient traditions with avant-garde technology – the Spiritual Tech sector. Encompassing a wide array of services – from astrology and faith tech to numerology and temple tourism – this sector has witnessed a significant boom, with the market for spiritual services in India catapulting to $58.6 billion in 2023. Powered by revolutionary technological innovations like online darshans, this market not only sustains India’s cultural essence but also offers immense potential for startups. Spiritual tech services could grow to a market size that goes beyond $127 billion by 2031.
A key contributor to this growth, the Indian astrotech market, is expected to soar from its current valuation of approximately $4 billion to $6.5 billion by 2025. This reflects a global trend, with the worldwide astrology market size valued at $12.8 billion in 2021 and projected to reach $22.8 billion by 2031, growing at a CAGR of 5.7 per cent between 2022 and 2031. Such robust growth underscores the universal appeal and potential profitability of combining spiritual services with cutting-edge technology.
In an era in which spirituality and technology intersect more than ever before, there is growth potential for spiritual tourism in India as well. The inauguration of the Ram Mandir in Ayodhya marks a pivotal moment, poised to further energise this sector and solidify India’s position as a global hub for spiritual tourism.
In this edition of BW Businessworld we also shine a light on concerted efforts at sustainability and recycling. This issue features a special package on companies that lead in recycling, setting new benchmarks for the industry. The second edition of the Recycling for a Greener Tomorrow Awards, organised by BW Sustainability World, has set the stage for celebrating the champions of the recycling and waste management industry. This initiative, thoughtfully crafted to highlight the synergy between individuals, organisations, and the environment, aims to acknowledge those making impactful contributions towards a sustainable future and motivating the adoption of eco-friendly practices across sectors.
We invite our readers to explore the fascinating confluence of tradition and innovation unfurling in the spiritual tech economy and the inspiring strides towards sustainability in business practices. In the ever-evolving landscape of the Indian economy, these sectors not only offer lucrative growth opportunities but also reflect a deep commitment to preserving our cultural heritage and nurturing our environment for future generations.
